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First Financial Holdings, Inc. Announces Third Quarter Fiscal 2010 Results And Quarterly Dividend Payment

As a participant in the Treasury's Capital Purchase Program, the Company continues to use this capital to help borrowers avoid foreclosure in our markets, and to expand our loan and investment portfolios. The Company paid a dividend of $813 thousand to the U.S. Treasury for its investment during the third quarter of fiscal 2010. 

First Federal operates 65 offices located in the Charleston metropolitan area, Horry, Georgetown, Florence and Beaufort counties in South Carolina and Brunswick, New Hanover and Pender counties in coastal North Carolina offering banking, trust and pension administration services. The Company also provides insurance and brokerage services through First Southeast Insurance Services, The Kimbrell Insurance Group and First Southeast Investor Services.In addition, the Company provides retirement plan consulting and administrative services through First Southeast 401(k) Fiduciaries, Inc.

NOTE: R. Wayne Hall, President and CEO of the Company, and Blaise B. Bettendorf, Executive Vice President and CFO, will discuss these results in a conference call at 2:00 PM (EDT), July 26, 2010. The call can be accessed via a webcast available on First Financial's website at www.firstfinancialholdings.com.

Forward Looking Statements

Certain matters in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, including operating efficiencies, perceived opportunities in the market, potential future credit experience, and statements regarding the Company's mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. Management's ability to predict results or the effect of future plans or strategies is inherently uncertain. The Company's actual results, performance or achievements may differ materially from those suggested, expressed or implied by these forward-looking statements as a result of a wide range of factors. These factors include, but are not limited to, the general business environment, general economic conditions nationally and in the States of North and South Carolina, interest rates, the North and South Carolina real estate markets, the demand for mortgage loans, the credit risk of lending activities, including changes in the level and trend of loan delinquencies and charge-offs, changes in our allowance for loan losses and provision for loan losses that may be affected by deterioration in the housing and real estate markets; results of examinations by our banking regulators, including the possibility that any such regulatory authority may, among other things, require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings; our ability to control operating costs and expenses, our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we have acquired or may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto, competitive conditions between banks and non-bank financial services providers, regulatory changes and other risks detailed in the Company's reports filed with the Securities and Exchange Commission ("SEC"), including the Annual Report on Form 10-K for the fiscal year ended September 30, 2009. Accordingly, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on these statements.

Such forward-looking statements may include projections. Such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the SEC regarding projections and forecasts nor have such projections been audited, examined or otherwise reviewed by independent auditors of the Company. In addition, such projections are based upon many estimates and inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of management of the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct. The Company does not undertake to update any forward-looking statement that may be made on behalf of the Company. 

For additional information about First Financial, please visit our web site at www.firstfinancialholdings.com or contact Dorothy B. Wright, Senior Vice President-Investor Relations and Corporate Secretary, (843) 529-5931 or (843) 729-7005.

 
FIRST FINANCIAL HOLDINGS, INC.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
(in thousands, except share data)
         
         
         
        Fiscal Year
STATEMENT OF FINANCIAL CONDITION 06/30/10 03/31/10 06/30/09 09/30/09
        (audited)
ASSETS        
Cash and cash equivalents  $ 62,008  $ 62,087  $ 92,097  $ 78,070
Investments available for sale, at fair value  12,843  12,105  16,857  13,756
Investments held to maturity  22,512  22,496  22,074  22,401
Investments in capital stock of FHLB  46,141  46,141  46,093  46,141
Mortgage-backed securities available for sale, at fair value  400,774  434,309  522,355  478,980
Loans receivable, gross  2,590,819  2,612,215  2,663,997  2,661,742
Less: allowance for loan losses  86,945  82,731  54,499  68,473
Loans receivable, net  2,503,874  2,529,484  2,609,498  2,593,269
Loans held for sale  15,030  12,681  63,311  25,603
Accrued interest receivable  10,333  10,808  12,509  12,058
Office properties and equipment, net  83,529  83,417  81,136  81,021
Real estate and other assets acquired in settlement of loans  12,543  11,957  12,927  22,002
Goodwill  28,260  28,024  27,996  29,278
Intangible assets  9,997  10,228  7,783  8,683
Residential mortgage servicing rights, at fair value  10,593  12,279  10,703  11,166
FDIC indemnification receivable, net  66,794  65,461  61,541  62,754
Other assets  39,113  39,390  20,186  25,105
Total assets  $ 3,324,344  $ 3,380,867  $ 3,607,066  $ 3,510,287
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Liabilities:        
Deposits accounts        
Noninterest-bearing  $ 207,196  $ 203,937  $ 203,354  $ 190,159
Interest bearing  2,240,599  2,233,655  2,137,701  2,113,452
Total deposits  2,447,795  2,437,592  2,341,055  2,303,611
Advances from FHLB  478,364  530,493  492,880  492,751
Other short-term borrowings  813  812  373,812  258,813
Long-term debt  46,392  46,392  46,392  46,392
Advances by borrowers for taxes and insurance  4,857  3,889  4,316  5,193
Outstanding checks  11,005  12,549  10,144  10,729
Accounts payable and other liabilities  11,321  14,139  45,438  41,149
Total liabilities  3,000,547  3,045,866  3,314,037  3,158,638
         
Stockholders' equity:        
Series A preferred stock  1  1  1  1
Common stock  215  215  166  208
Additional paid-in capital  195,175  194,851  124,252  185,249
Retained income, substantially restricted  224,871  238,678  269,792  265,821
Accumulated other comprehensive income, net of income taxes  7,098  4,819  2,381  3,933
Treasury stock, at cost  (103,563)  (103,563)  (103,563)  (103,563)
Total stockholders' equity  323,797  335,001  293,029  351,649
Total liabilities and stockholders' equity  $ 3,324,344  $ 3,380,867  $ 3,607,066  $ 3,510,287
         
Stockholders' equity to total assets 9.74% 9.91% 8.12% 10.02%
         
Common shares outstanding at period end  16,527  16,527  11,699  15,897
         
Book value per common share  $ 15.66  $ 16.34  $ 19.49  $ 18.03
 
 
FIRST FINANCIAL HOLDINGS, INC.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
(in thousands, except share data)
           
           
  Quarter Ended (Unaudited) Nine Months Ended
STATEMENT OF INCOME 06/30/10 03/31/10 06/30/09 06/30/10 06/30/09
           
INTEREST INCOME          
Interest and fees on loans  $ 37,485  $ 38,267  $ 42,092  $ 115,770  $ 115,733
Interest on mortgaged-backed securities  5,434  6,027  8,317  17,894  21,748
Interest and dividends on investments  458  113  848  1,105  1,472
Other  904  1,009  9  3,028  28
Total interest income  44,281  45,416  51,266  137,797  138,981
INTEREST EXPENSE          
Interest on deposits  8,189  7,835  9,457  24,742  31,486
Interest on borrowed money  4,863  6,085  6,270  17,442  19,864
Total interest expense  13,052  13,920  15,727  42,184  51,350
NET INTEREST INCOME  31,229  31,496  35,539  95,613  87,631
Provision for loan losses  36,373  45,915  12,367  107,615  45,602
Net interest (loss) income after provision for loan losses  (5,144)  (14,419)  23,172  (12,002)  42,029
NON-INTEREST INCOME          
Net impairment losses recognized in earnings  (311)  (1,818)  (377)  (2,623)  (3,379)
Brokerage fees  644  550  383  1,690  1,496
Insurance revenues  6,292  7,502  6,535  19,217  18,747
Service charges and fees on deposit accounts  6,109  5,708  5,688  17,634  16,636
Mortgage banking income  2,437  2,068  986  6,916  5,398
Gains on disposition of assets  33  46  37  1,354  125
Other  2,039  (83)  (280)  2,122  (152)
Total non-interest income  17,243  13,973  12,972  46,310  38,871
NON-INTEREST EXPENSE          
Salaries and employee benefits  19,060  19,139  15,640  56,077  46,439
Occupancy costs  2,306  2,439  2,215  7,189  6,489
Marketing  528  559  479  1,655  1,551
Furniture and equipment expense  2,256  2,052  2,202  6,447  5,269
Amortization of intangibles  231  243  202  717  608
Other  7,260  6,474  7,409  21,013  18,231
Total non-interest expense  31,641  30,906  28,147  93,098  78,587
(Loss) income before income taxes  (19,542)  (31,352)  7,997  (58,790)  2,313
Income tax (benefit) expense  (7,513)  (12,296)  2,842  (23,173)  584
(Loss) income before extraordinary item  (12,029)  (19,056)  5,155  (35,617)  1,729
EXTRAORDINARY ITEM          
Gain on acquisition, less income taxes of $18,833  --  --  28,857  --  28,857
NET (LOSS) INCOME   $ (12,029)  $ (19,056)  $ 34,012  $ (35,617)  $ 30,586
Preferred stock dividends  813  813  813  2,439  1,851
Accretion on preferred stock discount  140  138  132  414  297
           
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS  $ (12,982)  $ (20,007)  $ 33,067  $ (38,470)  $ 28,438
           
Net (loss) income per common share before extraordinary item:          
Basic  $ (0.73)  $ (1.15)  $ 0.44  $ (2.16)  $ 0.15
Diluted  $ (0.73)  $ (1.15)  $ 0.44  $ (2.16)  $ 0.15
Net (loss) income per common share:          
Basic  $ (0.73)  $ (1.15)  $ 2.91  $ (2.16)  $ 2.61
Diluted  $ (0.73)  $ (1.15)  $ 2.91  $ (2.16)  $ 2.61
Net (loss) income per common share available to common shareholders:        
Basic  $ (0.79)  $ (1.21)  $ 2.83  $ (2.33)  $ 2.43
Diluted  $ (0.79)  $ (1.21)  $ 2.83  $ (2.33)  $ 2.43
           
Average number shares outstanding  16,527  16,526  11,699  16,506  11,697
Average number diluted shares outstanding  16,527  16,526  11,699  16,506  11,697
           
Ratios:          
Return on average equity (1) (14.54%) (22.02%) 7.16% (13.78%) 0.94%
Return on average assets (1) (1.43%) (2.22%) 0.57% (1.39%) 0.07%
Net interest margin 3.92% 3.92% 4.16% 3.93% 3.81%
Total other expense / average assets 3.77% 3.61% 3.12% 3.62% 3.17%
Efficiency ratio (2) 63.19% 62.87% 56.42% 62.02% 59.32%
Net charge-offs / average gross loans, annualized 4.94% 5.56% 1.43% 4.51% 1.02%
           
(1) Calculated using income before extraordinary items.
(2) Excludes from income gains / (losses) on sales of securities, net real estate operations, and realized impairment on investments. Excludes from expenses amortization of intangibles.
Please Note: Certain prior period amounts have been reclassified to conform to current period presentation.
 
 
FIRST FINANCIAL HOLDINGS, INC.
(dollars in thousands)
           
   Quarter Ended (Unaudited)
BALANCE SHEET 06/30/10 03/31/10 12/31/09 09/30/09 06/30/09
           
ASSETS          
Cash and cash equivalents  $ 62,008  $ 62,087  $ 66,429  $ 78,070  $ 92,097
Investments available for sale, at fair value  12,843  12,105  12,785  13,756  16,857
Investments held to maturity  22,512  22,496  22,481  22,401  22,074
Investments in capital stock of FHLB  46,141  46,141  46,141  46,141  46,093
Mortgage-backed securities available for sale, at fair value  400,774  434,309  465,983  478,980  522,355
Loans receivable, gross  2,590,819  2,612,215  2,644,202  2,661,742  2,663,997
Less allowance for loan losses  86,945  82,731  73,534  68,473  54,499
Loans receivable, net  2,503,874  2,529,484  2,570,668  2,593,269  2,609,498
Loans held for sale  15,030  12,681  22,903  25,603  63,311
Accrued interest receivable  10,333  10,808  11,460  12,058  12,509
Office properties and equipment, net  83,529  83,417  80,113  81,021  81,136
Real estate and other assets acquired in settlement of loans  12,543  11,957  20,864  22,002  12,927
Goodwill  28,260  28,024  28,025  29,278  27,996
Intangible assets  9,997  10,228  10,470  8,683  7,783
Residential mortgage servicing rights, at fair value  10,593  12,279  12,411  11,166  10,703
FDIC indemnification receivable, net  66,794  65,461  64,130  62,754  61,541
Other assets  39,113  39,390  41,285  25,105  20,186
Total assets  $ 3,324,344  $ 3,380,867  $ 3,476,148  $ 3,510,287  $ 3,607,066
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities:          
Deposit accounts          
Noninterest-bearing  $ 207,196  $ 203,937  $ 200,233  $ 190,159  $ 203,354
Interest bearing  2,240,599  2,233,655  2,077,206  2,113,452  2,137,701
Total deposits  2,447,795  2,437,592  2,277,439  2,303,611  2,341,055
Advances from FHLB  478,364  530,493  565,622  492,751  492,880
Other short-term borrowings  813  812  181,812  258,813  373,812
Long-term debt  46,392  46,392  46,392  46,392  46,392
Advance by borrowers for taxes and insurance  4,857  3,889  1,645  5,193  4,316
Outstanding checks  11,005  12,549  14,343  10,729  10,144
Accounts payable and other liabilities  11,321  14,139  34,441  41,149  45,438
Total liabilities  3,000,547  3,045,866  3,121,694  3,158,638  3,314,037
           
Stockholders' equity:          
Series A preferred stock  1  1  1  1  1
Common stock  215  215  214  208  166
Additional paid in capital   195,175  194,851  194,654  185,249  124,252
Retained income, substantially restricted  224,871  238,678  259,511  265,821  269,792
Accumulated other comprehensive income(loss), net of income taxes  7,098  4,819  3,637  3,933  2,381
Treasury stock, at cost  (103,563)  (103,563)  (103,563)  (103,563)  (103,563)
Total shareholders' equity  323,797  335,001  354,454  351,649  293,029
Total liabilities and stockholders' equity  $ 3,324,344  $ 3,380,867  $ 3,476,148  $ 3,510,287  $ 3,607,066
           
Shareholders' equity to total assets 9.74% 9.91% 10.20% 10.02% 8.12%
Common shares outstanding  16,527  16,527  16,526  15,897  11,699
Book value per common share  $ 15.66  $ 16.34  $ 17.52  $ 18.03  $ 19.49
           
AVERAGE BALANCES          
Total assets  $ 3,358,635  $ 3,429,172  $ 3,487,674  $ 3,563,973  $ 3,338,110
Earning assets  3,192,199  3,256,664  3,311,040  3,382,326  3,427,813
Gross loans  2,605,316  2,643,273  2,663,543  2,666,444  2,632,478
Costing liabilities  2,997,459  3,057,686  3,057,530  3,262,178  3,232,640
Total deposits  2,449,730  2,318,184  2,293,892  2,347,331  2,233,984
Equity  330,829  346,194  356,897  309,287  265,445
   
  Quarter Ended (Unaudited)
BALANCE SHEET 03/31/09 12/31/08 09/30/08 06/30/08
         
ASSETS        
Cash and cash equivalents  $ 66,007  $ 62,334  $ 62,949  $ 72,735
Investments available for sale, at fair value  12,240  16,259  17,094  21,080
Investments held to maturity  2,733  2,633  2,043  2,043
Investments in capital stock of FHLB  37,575  38,693  41,832  38,637
Mortgage-backed securities available for sale, at fair value  538,402  403,797  351,110  353,257
Loans receivable, gross  2,381,336  2,375,782  2,348,527  2,284,988
Less allowance for loan losses  47,490  41,528  23,990  21,023
Loans receivable, net  2,333,846  2,334,254  2,324,537  2,263,965
Loans held for sale  48,319  11,804  8,731  4,519
Accrued interest receivable  11,570  11,908  12,035  12,302
Office properties and equipment, net  81,751  82,322  78,796  77,673
Real estate and other assets acquired in settlement of loans  6,312  5,346  4,286  5,442
Goodwill  27,996  27,996  27,892  31,869
Intangible assets  7,972  8,160  8,349  8,532
Residential mortgage servicing rights, at fair value  8,221  8,225  12,550  12,754
FDIC indemnification receivable, net  --  --  --  --
Other assets  23,595  23,562  21,790  19,220
Total assets  $ 3,206,539  $ 3,037,293  $ 2,973,994  $ 2,924,028
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Liabilities:        
Deposit accounts        
Noninterest-bearing  $ 184,451  $ 159,770  $ 175,681  $ 190,895
Interest bearing  1,810,606  1,766,854  1,675,421  1,674,366
Total deposits  1,995,057  1,926,624  1,851,102  1,865,261
Advances from FHLB  609,000  746,000  818,000  747,000
Other short-term borrowings  263,812  78,812  28,813  22,812
Long-term debt  46,392  46,392  46,392  46,392
Advance by borrowers for taxes and insurance  3,077  1,658  5,152  4,416
Outstanding checks  16,139  12,076  11,872  12,257
Accounts payable and other liabilities  18,827  5,653  29,185  37,912
Total liabilities  2,952,304  2,817,215  2,790,516  2,736,050
         
Stockholders' equity:        
Series A preferred stock  1  1  --  --
Common stock  166  166  166  166
Additional paid in capital   124,084  123,775  58,338  57,677
Retained income, substantially restricted  237,308  234,566  244,327  240,992
Accumulated other comprehensive income(loss), net of income taxes  (3,761)  (34,867)  (15,966)  (7,583)
Treasury stock, at cost  (103,563)  (103,563)  (103,387)  (103,274)
Total shareholders' equity  254,235  220,078  183,478  187,978
Total liabilities and stockholders' equity  $ 3,206,539  $ 3,037,293  $ 2,973,994  $ 2,924,028
         
Shareholders' equity to total assets 7.93% 7.25% 6.17% 6.43%
Common shares outstanding  11,699  11,697  11,692  11,674
Book value per common share  $ 16.18  $ 13.26  $ 15.69  $ 16.10
         
AVERAGE BALANCES        
Total assets  $ 3,130,253  $ 3,005,644  $ 2,949,011  $ 2,906,266
Earning assets  3,004,582  2,867,614  2,763,247  2,714,252
Gross loans  2,413,270  2,371,209  2,317,902  2,264,167
Costing liabilities  2,950,628  2,807,944  2,730,439  2,671,260
Total deposits  1,963,862  1,888,863  1,858,182  1,870,180
Equity  230,051  201,778  185,728  187,302
 
 
FIRST FINANCIAL HOLDINGS, INC.
(dollars in thousands)
             
  Quarter Ended (Unaudited)
STATEMENT OF INCOME 06/30/10 03/31/10 12/31/09 09/30/09 06/30/09 03/31/09
             
INTEREST INCOME            
Interest and fees on loans  $ 37,485  $ 38,267  $ 40,018  $ 39,941  $ 42,092  $ 36,084
Interest on mortgage-backed securities  5,434  6,027  6,433  6,675  8,317  7,526
Interest and dividends on investments  458  113  534  817  848  114
Other  904  1,009  1,115  2,382  9  7
Total interest income  44,281  45,416  48,100  49,815  51,266  43,731
INTEREST EXPENSE            
Interest on deposits  8,189  7,835  8,718  9,407  9,457  10,486
Interest on borrowed money  4,863  6,085  6,494  6,357  6,270  6,284
Total interest expense  13,052  13,920  15,212  15,764  15,727  16,770
NET INTEREST INCOME  31,229  31,496  32,888  34,051  35,539  26,961
Provision for loan losses  36,373  45,915  25,327  21,280  12,367  12,765
Net interest (loss) income after provision for loan losses  (5,144)  (14,419)  7,561  12,771  23,172  14,196
NON-INTEREST INCOME            
Net impairment losses recognized in earnings  (311)  (1,818)  (494)  (615)  (377)  (857)
Gain on sale of investment securities  --  --  --  --  --  --
Brokerage fees  644  550  496  533  383  632
Insurance revenues  6,292  7,502  5,423  5,921  6,535  6,966
Service charges and fees on deposit accounts  6,109  5,708  5,817  5,864  5,688  5,280
Mortgage banking income  2,437  2,068  2,411  2,672  986  2,652
Gains on disposition of assets  33  46  1,275  37  37  36
Other  2,039  (83)  166  978  (280)  (69)
Total non-interest income  17,243  13,973  15,094  15,390  12,972  14,640
NON-INTEREST EXPENSE            
Salaries & employee benefits  19,060  19,139  17,878  18,227  15,640  13,637
Occupancy costs  2,306  2,439  2,444  2,446  2,215  2,129
Marketing  528  559  568  586  479  422
Furniture and equipment expense  2,256  2,052  2,139  2,277  2,202  1,572
Amortization of intangibles  231  243  243  222  202  203
Other  7,260  6,474  7,279  6,866  7,409  5,882
Total non-interest expense  31,641  30,906  30,551  30,624  28,147  23,845
(Loss) income before income taxes  (19,542)  (31,352)  (7,896)  (2,463)  7,997  4,991
Income tax (benefit) expense  (7,513)  (12,296)  (3,364)  (1,199)  2,842  1,872
(Loss) income before extraordinary item  (12,029)  (19,056) (4,532) (1,264) 5,155 3,119
EXTRAORDINARY ITEM            
Gain on acquisition, less income tax of $18,833  --  --  --  -- 28,857  --
NET (LOSS) INCOME   (12,029)  (19,056)  (4,532)  (1,264)  34,012  3,119
Preferred stock dividends  813  813  813  802  813  813
Accretion on preferred stock discount  140  138  136  127  132  130
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS  $ (12,982)  $ (20,007)  $ (5,481)  $ (2,193)  $ 33,067  $ 2,176
             
Pre-tax, pre-provision earnings  $ 16,831  $ 14,563  $ 17,431  $ 18,817  $ 20,364  $ 17,756
             
Note: Certain prior period amounts have been reclassified to conform to current period presentation.
             
Average shares outstanding, basic  16,527  16,526  16,464  11,791  11,699  11,699
Average shares outstanding, diluted  16,527  16,526  16,464  11,791  11,699  11,699
(Loss) income per common share before extraordinary item - basic  $ (0.73)  $ (1.15)  $ (0.28)  $ (0.11)  $ 0.44  $ 0.27
(Loss) income per common share before extraordinary item - diluted  $ (0.73)  $ (1.15)  $ (0.28)  $ (0.11)  $ 0.44  $ 0.27
(Loss) income per common share - basic  $ (0.73)  $ (1.15)  $ (0.28)  $ (0.11)  $ 2.91  $ 0.27
(Loss) income per common share - diluted  $ (0.73)  $ (1.15)  $ (0.28)  $ (0.11)  $ 2.91  $ 0.27
(Loss) income per common share available to common shareholders - basic  $ (0.79)  $ (1.21)  $ (0.33)  $ (0.19)  $ 2.83  $ 0.19
(Loss) income per common share available to common shareholders - diluted  $ (0.79)  $ (1.21)  $ (0.33)  $ (0.19)  $ 2.83  $ 0.19
Dividends paid per common share, authorized  $ 0.05  $ 0.05  $ 0.05  $ 0.05  $ 0.05  $ 0.05
     
  Quarter Ended (Unaudited) Fiscal Year
STATEMENT OF INCOME 12/31/08 09/30/08 06/30/08 09/30/09 09/30/08
           
INTEREST INCOME          
Interest and fees on loans  $ 37,557  $ 37,885  $ 37,715  $ 155,674  $ 153,539
Interest on mortgage-backed securities  5,904  4,824  4,682  28,422  17,560
Interest and dividends on investments  510  624  801  2,289  3,434
Other  13  37  31  2,411  239
Total interest income  43,984  43,370  43,229  188,796  174,772
INTEREST EXPENSE          
Interest on deposits  11,544  11,113  11,673  40,894  50,646
Interest on borrowed money  7,309  8,103  7,547  26,220  32,762
Total interest expense  18,853  19,216  19,220  67,114  83,408
NET INTEREST INCOME  25,131  24,154  24,009  121,682  91,364
Provision for loan losses  20,471  5,217  4,907  66,883  16,939
Net interest (loss) income after provision for loan losses  4,660  18,937  19,102  54,799  74,425
NON-INTEREST INCOME          
Net impairment losses recognized in earnings  (2,144)  (486)  --  (3,993)  (486)
Gain on sale of investment securities  --  --  4  --  750
Brokerage fees  480  672  665  2,028  2,923
Insurance revenues  5,245  6,342  7,432  24,667  24,830
Service charges and fees on deposit accounts  5,669  6,132  5,912  22,501  23,901
Mortgage banking income  1,760  818  1,828  8,070  7,456
Gains on disposition of assets  52  913  43  162  1,052
Other  197  681  504  826  2,475
Total non-interest income  11,259  15,072  16,388  54,261  62,901
NON-INTEREST EXPENSE          
Salaries & employee benefits  17,162  14,675  16,625  64,666  65,271
Occupancy costs  2,145  2,148  2,016  8,935  8,210
Marketing  650  459  685  2,137  2,408
Furniture and equipment expense  1,495  1,622  1,445  7,546  5,867
Amortization of intangibles  189  244  216  816  673
Other  4,955  4,764  4,728  25,112  17,900
Total non-interest expense  26,596  23,912  25,715  109,212  100,329
(Loss) income before income taxes  (10,677)  10,097  9,775  (152)  36,997
Income tax (benefit) expense  (4,130)  3,788  3,873  (615)  14,359
(Loss) income before extraordinary item (6,547)  $ 6,309  $ 5,902  $ 463  $ 22,638
EXTRAORDINARY ITEM          
Gain on acquisition, less income tax of $18,833  --  --  --  28,857  --
NET (LOSS) INCOME   (6,547)  6,309  5,902  29,320  22,638
Preferred stock dividends  235  --  --  2,663  --
Accretion on preferred stock discount  42  --  --  431  --
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS  $ (6,824)  $ 6,309  $ 5,902  $ 26,226  $ 22,638
           
Pre-tax, pre-provision earnings  $ 9,794  $ 15,314  $ 14,682  $ 66,731  $ 53,936
           
Note: Certain prior period amounts have been reclassified to conform to current period presentation.
           
Average shares outstanding, basic  11,694  11,683  11,668  11,721  11,664
Average shares outstanding, diluted  11,694  11,688  11,679  11,721  11,692
(Loss) income per common share before extraordinary item - basic  $ (0.56)  $ 0.54  $ 0.51  $ 0.04  $ 1.94
(Loss) income per common share before extraordinary item - diluted  $ (0.56)  $ 0.54  $ 0.51  $ 0.04  $ 1.94
(Loss) income per common share - basic  $ (0.56)  $ 0.54  $ 0.51  $ 2.50  $ 1.94
(Loss) income per common share - diluted  $ (0.56)  $ 0.54  $ 0.51  $ 2.50  $ 1.94
(Loss) income per common share available to common shareholders - basic  $ (0.58)  $ 0.54  $ 0.51  $ 2.24  $ 1.94
(Loss) income per common share available to common shareholders - diluted  $ (0.58)  $ 0.54  $ 0.51  $ 2.24  $ 1.94
Dividends paid per common share, authorized  $ 0.255  $ 0.255  $ 0.255  $ 0.41  $ 1.02
 
 
First Financial Holdings, Inc.
(dollars in thousands)
             
  Quarter Ended (unaudited)
  06/30/10 03/31/10 12/31/09 09/30/09 06/30/09 03/31/09
OTHER RATIOS            
Return on average equity (14.54%) (22.02%) (5.08%) (1.57%) 7.16% 5.26%
Return on average assets (1.43%) (2.22%) (0.52%) (0.14%) 0.57% 0.40%
Average yield on earning assets 5.56% 5.66% 5.76% 5.84% 6.00% 5.90%
Average cost of paying liabilities 1.75% 1.85% 1.97% 1.90% 1.94% 2.29%
Gross spread 3.82% 3.81% 3.79% 3.94% 4.06% 3.61%
Net interest margin 3.92% 3.92% 3.94% 3.99% 4.16% 3.64%
Operating expenses/average assets 3.77% 3.61% 3.50% 3.44% 3.12% 3.05%
Efficiency ratio 63.19% 62.87% 60.20% 60.46% 56.42% 55.74%
             
Note: Average yields, costs and margins for prior periods adjusted to actual days
             
COMPOSITION OF GROSS LOAN PORTFOLIO            
Residential mortgages (1-4 Family)  $ 997,345  $ 973,670  $ 966,211  $ 949,518  $ 927,296  $ 882,511
Residential construction (1-4 Family)  20,017  31,593  32,804  41,133  56,683  56,438
Commercial real estate  439,646  434,310  436,842  435,298  435,923  322,663
Commercial construction  29,893  44,176  48,439  53,219  47,397  41,490
Commercial business  86,423  86,017  88,728  96,559  106,053  93,024
Land  222,564  250,925  278,982  300,130  306,810  251,103
Home equity lines of credit  398,366  401,340  400,803  394,075  394,794  356,281
Manufactured housing  264,652  255,819  250,124  244,214  239,043  232,515
Credit cards  18,069  17,797  18,471  17,483  16,949  16,128
Marine  68,666  70,756  73,799  76,748  77,819  77,836
Other consumer  45,178  45,812  48,999  53,365  55,230  51,347
   2,590,819  2,612,215  2,644,202  2,661,742  2,663,997  2,381,336
Less: Allowance for loan losses  86,945  82,731  73,534  68,473  54,499  47,490
Total  $ 2,503,874  $ 2,529,484  $ 2,570,668  $ 2,593,269  $ 2,609,498  $ 2,333,846
             
Loans held for sale  $ 15,030  $ 12,681  $ 22,903  $ 25,603  $ 63,311  $ 48,319
             
             
LOAN AND REO LOSS RESERVES            
Total allowance for loan losses  $ 86,945  $ 82,731  $ 73,534  $ 68,473  $ 54,499  $ 47,490
Loan loss reserves/gross loans 3.36% 3.17% 2.78% 2.57% 2.05% 1.99%
Provision for loan losses  36,373  45,915  25,327  21,280  12,367  12,765
Net loan charge-offs  32,159  36,718  20,266  7,307  9,490  6,803
Net charge-offs/average gross loans 1.23% 1.39% 0.76% 0.27% 0.36% 0.28%
Annualized net charge-offs/average gross loans 4.94% 5.56% 3.04% 1.10% 1.43% 1.13%
Loan loss reserves/non-performing loans 65.75% 60.94% 67.55% 85.00% 82.01% 86.57%
             
COMPOSITION OF DEPOSITS            
Checking  $ 592,934  $ 570,872  $ 562,060  $ 527,795  $ 543,232  $ 500,619
Savings  163,468  163,451  153,674  154,342  145,541  137,854
Money Market  346,535  345,752  338,930  344,220  341,209  296,557
Core Deposits  1,102,937  1,080,075  1,054,664  1,026,357  1,029,982  935,030
Time Deposits  1,344,858  1,357,517  1,222,775  1,277,254  1,311,073  1,060,027
Total Deposits  $ 2,447,795  $ 2,437,592  $ 2,277,439  $ 2,303,611  $ 2,341,055  $ 1,995,057
     
  Quarter Ended (unaudited) Fiscal Year 
  12/31/08 09/30/08 06/30/08 09/30/09 09/30/08
OTHER RATIOS          
Return on average equity (12.98%) 13.59% 12.60% 0.17% 12.16%
Return on average assets (0.87%) 0.86% 0.81% 0.01% 0.79%
Average yield on earning assets 6.08% 6.24% 6.40% 5.89% 6.53%
Average cost of paying liabilities 2.64% 2.80% 2.89% 2.22% 3.17%
Gross spread 3.44% 3.44% 3.51% 3.68% 3.36%
Net interest margin 3.48% 3.48% 3.56% 3.79% 3.41%
Operating expenses/average assets 3.54% 3.24% 3.54% 3.31% 3.50%
Efficiency ratio 68.20% 61.36% 63.47% 59.62% 64.33%
           
Note: Average yields, costs and margins for prior periods adjusted to actual days
           
COMPOSITION OF GROSS LOAN PORTFOLIO          
Residential mortgages (1-4 Family)  $ 882,857  $ 886,488  $ 874,173    
Residential construction (1-4 Family)  67,980  70,396  73,064    
Commercial real estate  314,516  307,903  291,712    
Commercial construction  39,380  40,827  36,791    
Commercial business  95,638  89,764  90,070    
Land  252,713  247,862  243,395    
Home equity lines of credit  344,526  325,354  301,184    
Manufactured housing  227,698  223,476  218,312    
Credit cards  16,790  16,125  15,824    
Marine  79,901  83,464  83,964    
Other consumer  53,783  56,868  56,499    
   2,375,782  2,348,527  2,284,988    
Less: Allowance for loan losses  41,528  23,990  21,023    
Total  $ 2,334,254  $ 2,324,537  $ 2,263,965    
           
Loans held for sale  $ 11,804  $ 8,731  $ 4,519    
           
           
LOAN AND REO LOSS RESERVES          
Total allowance for loan losses  $ 41,528  $ 23,990  $ 21,023    
Loan loss reserves/gross loans 1.74% 1.02% 0.92%    
Provision for loan losses  20,471  5,217  4,907    
Net loan charge-offs  2,933  2,251  1,785    
Net charge-offs/average gross loans 0.12% 0.10% 0.08%    
Annualized net charge-offs/average gross loans 0.49% 0.39% 0.32%    
Loan loss reserves/non-performing loans 118.02% 116.27% 126.33%    
           
COMPOSITION OF DEPOSITS          
Checking  $ 461,179  $ 474,301  $ 488,595    
Savings  126,261  129,466  133,414    
Money Market  303,866  345,327  372,617    
Core Deposits  891,306  949,094  994,626    
Time Deposits  1,035,318  902,008  870,635    
Total Deposits  $ 1,926,624  $ 1,851,102  $ 1,865,261    
 
 
First Financial Holdings, Inc.
(dollars in thousands)
         
  Quarter Ended (unaudited)
  06/30/10 03/31/10 12/31/09 09/30/09
         
DELINQUENT LOANS (30 - 89 days past due, not on nonaccrual)        
Residential mortgages (1-4 Family)  $ 8,622  $ 12,253  $ 12,754  $ 13,603
Residential construction (1-4 Family)  --   181  947  662
Commercial real estate  4,158  10,148  6,577  4,249
Commercial construction  --   1,420  --  --
Commercial business  1,543  2,769  2,778  586
Land  2,049  3,105  8,474  9,242
Home equity lines of credit  5,320  5,217  4,721  2,231
Manufactured housing  2,992  3,807  3,697  3,132
Credit cards  306  277  239  103
Marine  425  981  1,755  811
Other consumer  221  317  1,057  793
   $ 25,636  $ 40,475  $ 42,999  $ 35,412
         
DELINQUENT LOANS TO GROSS LOAN BALANCE        
Residential mortgages (1-4 Family) 0.86% 1.26% 1.32% 1.43%
Residential construction (1-4 Family) -- 0.57% 2.89% 1.61%
Commercial real estate 0.95% 2.34% 1.51% 0.98%
Commercial construction -- 3.21% -- --
Commercial business 1.79% 3.22% 3.13% 0.61%
Land 0.92% 1.24% 3.04% 3.08%
Home equity lines of credit 1.34% 1.30% 1.18% 0.57%
Manufactured housing 1.13% 1.49% 1.48% 1.28%
Credit cards 1.69% 1.56% 1.29% 0.59%
Marine 0.62% 1.39% 2.38% 1.06%
Other consumer 0.49% 0.69% 2.16% 1.49%
  0.99% 1.55% 1.63% 1.33%
         
PROBLEM ASSETS        
Residential mortgages (1-4 Family)  $ 29,019  $ 27,692  $ 25,731  $ 19,820
Residential construction (1-4 Family)  2,256  4,028  4,041  4,448
Commercial real estate  23,917  20,885  19,217  6,795
Commercial construction  3,481  3,353  --  2,284
Commercial business  3,706  4,270  3,315  678
Land  57,807  62,881  45,314  38,438
Home equity lines of credit  8,531  9,341  7,996  5,466
Manufactured housing  3,189  2,899  2,715  2,280
Marine  136  166  245  142
Other consumer  16  143  168  81
Total nonaccrual loans  132,058  135,658  108,742  80,432
Accruing loans 90 days or more delinquent  170  104  124  121
Real estate and other assets acquired in settlement of loans  12,543  11,957  20,864  22,002
   $ 144,771  $ 147,719  $ 129,730  $ 102,555
As a percent of gross loans and REO and repossessed assets 5.56% 5.63% 4.87% 3.82%
As a percent of total assets 4.35% 4.37% 3.73% 2.92%
         
COMPOSITION OF NET CHARGE OFFS        
Residential mortgages (1-4 Family)  $ 5,801  $ 3,821  $ 1,328  $ 943
Residential construction (1-4 Family)  907  1,096  807  569
Commercial real estate  2,307  7,131  1,022  166
Commercial construction  1,264  --   953  --
Commercial business  1,980  1,027  652  654
Land  13,153  18,313  10,657  1,501
Home equity lines of credit  4,966  3,309  2,618  1,549
Manufactured housing  950  638  745  866
Credit cards  187  264  254  228
Marine  401  621  612  377
Other consumer  243  498  618  454
   $ 32,159  $ 36,718  $ 20,266  $ 7,307
CONTACT:  First Financial Holdings, Inc.
          Dorothy B. Wright, Senior Vice President/Investor Relations
           and Corporate Secretary
          (843) 529-5931 
          (843) 729-7005
          dwright@firstfinancialholdings.com

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